229.461 Development agreement, non-relocation agreement, lease.

317 words·~1 min read·/wi/chapter-229/229-461-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A district shall enter into a development agreement with a professional basketball team or its affiliate to require the professional basketball team or affiliate to develop and construct sports and entertainment arena facilities that will be financed in part by the district and, subject to sub.

(d), leased to the professional basketball team or its affiliate as provided in this subchapter. Before a district may sign the development agreement, the secretary of administration shall certify that the professional basketball team or its affiliate has agreed to fund at least $250,000,000 to the development and construction of the sports and entertainment arena facilities. In addition, the professional basketball team or its affiliate must have entered into the non-relocation agreement under sub.

(2)before the district may sign the development agreement.

(2)In consideration of the district, this state, a sponsoring municipality, and the most populous county in which the sponsoring municipality is located promising to commit $250,000,000 of financial assistance to the development and construction of the sports and entertainment arena facilities and granting a professional basketball team, or its affiliate, the right to operate and manage the sports and entertainment arena facilities, the professional basketball team shall enter into a non-relocation agreement with the district, before it or its affiliate enters into a development agreement with the district under sub.

(1), that contains all of the following provisions and commitments during the term of the lease:

(a)The professional basketball team shall play substantially all of its home games at the sports and entertainment arena, once it is constructed.

(b)The professional basketball team shall maintain its membership in the National Basketball Association or a successor league.

(c)The professional basketball team shall maintain its headquarters in this state.

(d)The professional basketball team shall maintain in its official team name the name of the sponsoring municipality.